NGX market cap sheds N193bn to selloffs

The Nigerian stock market, on Wednesday, reversed gains from previous sessions with a loss of N193 billion.

Selloffs in Tier-one banking stocks namely, Zenith Bank, Access Corporation, Guaranty Trust Holding Company (GTCO), among other declined equities were the primary drivers of the market’s relapse.

The Nigerian Exchange Ltd. (NGX) market capitalisation which opened at N55.647 trillion, shed N193 billion or 0.35 per cent to close at N55.454 trillion.

The All-Share Index also lost 0.35 per cent or 336.3 points to close at 96,537.48 points, against 96,873.74 points posted on Tuesday.

Consequently, the Year-To-Date (YTD) return decreased by 29.11 per cent.

Also, market breadth closed negative with 33 losers and 21 gainers on the floor of the Exchange.

On the losers’ chart, Oando led by 10 per cent to close at N81.90, The Initiative Plc trailed by 9.95 per cent to close at N1.81 per share.

RT Briscoe lost 9.72 per cent to close at N2.60, Secure Electronic Technology Plc declined by 9.23 per cent to close at 59k, while Omatek shed 9.09 per cent to close at 70k per share.

On the losers’ side, Daar Communications led by 10 per cent to close at 66k, Industrial Medical Gas followed with 9.72 per cent to close at N35 per share.

Deap Capital Management and Trust Plc advanced by 9.52 per cent to close at N1.15, Tantalizers rose by 8.47 per cent to close at 64k and Caverton added 6.82 per cent to close at N1.41 per share.

Analysis of the market activities indicated that trade turnover settled lower relative to the previous session, with the value of transactions down by 21.43 per cent.

Investors exchanged 389.23 million shares valued at N8.18 billion in 12,039 deals, compared to 473 million shares valued at N10.41 billion traded in 12,532 deals recorded previously.

Meanwhile, Oando led the activity chart in volume and value with 37.18 million shares worth N3.10 billion, Universal Insurance followed with 33.71 million shares valued at N12.66 million.

Transnational Corporation also sold 29.02 million shares valued at N321.76 million, FTN Cocoa traded 22.74 million worth N35.14 million and GTCO transacted 21.95 million shares N1.01 billion.